ELCA BOARD OF PENSIONS
13F-E, 1996-02-01
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    12/31/95                                                                        
                                                                                                                                  
                                                                                                                                  
Institutional Investment Manager:                                                                                                 
                                                                                                                                  
CATHERINE A. PITTENGER OF ELCA BOARD OF PENSIONS                                                                                  
800 MARQUETTE AVE.                                                                                                                
SUITE 1050                                                                                                                        
MINNEAPOLIS                                       MN            55402-0000                                                        
                                                                                                                                  
                                                                                                                                  
 I represent that I am authorized to submit this form and that                                                                    
all information in this form and the attachments to it are true,                                                                  
correct and complete and I understand that all required items,                                                                    
statements and schedules are integral parts of this form and that                                                                 
the submission of any amendment represents that all unamended                                                                     
items, statements and schedules remain true, correct and complete                                                                 
as previously submitted.                                                                                                          
                                                                                                                                  
 I am signing this report as required by the Securities Exchange                                                                  
Act of 1934                                                                                                                       
                                                                                                                                  
                                                                                                                                  
Name, Title and Telephone Number of Person Submitting Report:                                                                     
                                                                                                                                  
    SCOTT W. OLSON                 DEPUTY GENERAL COUNSEL       617-382-2072                                                      
                                                                                                                                  
                                                                                                                                  
Signature, Place and Date of Signing:                                                                                             
                                                                                                                                  
/s/ SCOTT W. OLSON                 BOSTON                       MA    01/25/96                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   2                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
AMERICAN EXPRESS CO            COM              025816109     3264    78900 SH       SOLE                  78900                  
AMERICAN GENERAL CORP          COM              026351106     3937   112900 SH       SOLE                 112900                  
AMERICAN HOME PRODS CORP       COM              026609107     2357    24300 SH       SOLE                  24300                  
AMERICAN INTL GROUP INC        COM              026874107     1452    15700 SH       SOLE                  15700                  
AMP INC                        COM              031897101     4001   104600 SH       SOLE                 104600                  
ANHEUSER BUSCH COS INC         COM              035229103     2294    34300 SH       SOLE                  34300                  
ARCHER DANIELS MIDLAND CO      COM              039483102     4295   238600 SH       SOLE                 238600                  
ASHLAND INC                    COM              044204105     4359   124100 SH       SOLE                 124100                  
BANKERS TRUST N Y CORP         COM              066365107     4502    67700 SH       SOLE                  67700                  
BEVERLY ENTERPRISES INC        COM              087851101     1767   166300 SH       SOLE                 166300                  
BURLINGTON RES INC             COM              122014103     2787    71000 SH       SOLE                  71000                  
CIPSCO INC                     COM              125539106     1856    47600 SH       SOLE                  47600                  
COOPER INDS INC                COM              216669101     3425    93200 SH       SOLE                  93200                  
CORNING INC                    COM              219350105     2662    83200 SH       SOLE                  83200                  
DAYTON HUDSON CORP             COM              239753106     2348    31300 SH       SOLE                  31300                  
DEAN FOODS CO                  COM              242361103     1834    66700 SH       SOLE                  66700                  
DU PONT E I DE NEMOURS & CO    COM              263534109     3990    57100 SH       SOLE                  57100                  
EASTERN ENTERPRISES            COM              27637F100     2397    68000 SH       SOLE                  68000                  
EXXON CORP                     COM              302290101     1586    19700 SH       SOLE                  19700                  
FOSTER WHEELER CORP            COM              350244109     1972    46400 SH       SOLE                  46400                  
GENERAL MTRS CORP              COM              370442105     3474    65700 SH       SOLE                  65700                  
GENERAL RE CORP                COM              370563108     3271    21100 SH       SOLE                  21100                  
GENERAL SIGNAL CORP            COM              370838104     4066   125600 SH       SOLE                 125600                  
GIDDINGS & LEWIS INC WIS       COM              375048105     3675   222700 SH       SOLE                 222700                  
HANSON PLC                     SPONSORED ADR    411352305     3039   199300 SH       SOLE                 199300                  
HONEYWELL INC                  COM              438506107     1128    23200 SH       SOLE                  23200                  
HUMANA INC                     COM              444859102     1809    66100 SH       SOLE                  66100                  
INTERNATIONAL MULTIFOODS CORP  COM              460043102     1525    75800 SH       SOLE                  75800                  
LIMITED INC                    COM              532716107     3552   207400 SH       SOLE                 207400                  
LUBRIZOL CORP                  COM              549271104     2575    92800 SH       SOLE                  92800                  
MANPOWER INC                   COM              56418H100     1589    56500 SH       SOLE                  56500                  
MARSH & MCLENNAN COS INC       COM              571748102     3035    34200 SH       SOLE                  34200                  
MASCO CORP                     COM              574599106     4167   132800 SH       SOLE                 132800                  
MONTANA POWER CO               COM              612085100     3432   151700 SH       SOLE                 151700                  
MORGAN J P & CO INC            COM              616880100     2456    30600 SH       SOLE                  30600                  
MOTOROLA INC                   COM              620076109     3306    58000 SH       SOLE                  58000                  
NORFOLK SOUTHERN CORP          COM              655844108     2889    36400 SH       SOLE                  36400                  
NORTHN STS PWR CO MINN         COM              665772109     2358    48000 SH       SOLE                  48000                  
PACIFICORP                     COM              695114108     3769   178400 SH       SOLE                 178400                  
PITNEY BOWES INC               COM              724479100     1466    31200 SH       SOLE                  31200                  
PROVIDIAN CORP                 COM              744061102     4002    98200 SH       SOLE                  98200                  
REYNOLDS METALS CO             COM              761763101     3509    61700 SH       SOLE                  61700                  
SHERWIN WILLIAMS CO            COM              824348106     2779    68200 SH       SOLE                  68200                  
SNAP ON INC                    COM              833034101     1358    30000 SH       SOLE                  30000                  
SOUTHERN NEW ENGLAND TELECOM   COM              843485103     2564    64500 SH       SOLE                  64500                  
SUPERVALU INC                  COM              868536103     3257   103400 SH       SOLE                 103400                  
THOMAS & BETTS CORP            COM              884315102     3747    50800 SH       SOLE                  50800                  
TRANSCANADA PIPELINES LTD      COM              893526103     3740   272000 SH       SOLE                 272000                  
WOOLWORTH CORP                 COM              980883102     3524   271100 SH       SOLE                 271100                  
XEROX CORP                     COM              984121103     3124    22800 SH       SOLE                  22800                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   3                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
REPORT SUMMARY                 50 DATA RECORDS              145270            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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